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Griffin Co is taking their company public. Under this firm commitment offering, 1,000,000 shares will be issued at a price of $50 each. Griffin Co.

Griffin Co is taking their company public. Under this firm commitment offering, 1,000,000 shares will be issued at a price of $50 each. Griffin Co. will receive $45 from the Underwriter for each share issued. Additional legal fees of $800,000 and indirect costs of $12,000 have been incurred. What are the flotation costs as a percentage of the total funds raised

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